Electric vehicle maker Faraday Future to raise up to US$600 million in funding
- CEO Carsten Breitfeld said Faraday Future’s manufacturing facility in California was nearing completion and was testing the FF 91 EV
- Faraday Future is one of the many EV start-ups that went public through blank-check mergers, a market that has slowed due to regulatory scrutiny
Faraday Future Intelligent Electric Inc said on Monday that the electric-vehicle start-up will raise up to US$600 million in funding as it looks to deliver its FF 91 luxury car later this year.
The company will get an initial US$52 million of funds as part of a new financing facility. Its cash balance was US$52.2 million as of August 9.
EV start-ups that promised to disrupt the auto industry by using a technology-heavy approach to their vehicle designs are now scrambling to secure fresh lines of cash and cut costs due to rising commodity prices.
Chief Executive Carsten Breitfeld said Faraday Future’s manufacturing facility in California was nearing completion and was testing the FF 91 electric vehicle.
The electric-vehicle maker said it was in talks with investors in the United States and globally for a “significant additional near-term funding” as it looks to start deliveries in the third or fourth quarter.
